Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 3 Months Ended
Jul. 03, 2021
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Contract Balances
The following table provides information about contract assets and contract liabilities:
(In thousands) June 2021 March 2021 June 2020
Contract assets (a)
$ 1,135  $ 880  $ 2,487 
Contract liabilities (b)
68,921  49,869  45,622 
(a)Included in the other current assets line item in the Consolidated Balance Sheets.
(b)Included in the accrued liabilities line item in the Consolidated Balance Sheets.
For the three months ended June 2021, the Company recognized $91.0 million of revenue that was included in the contract liability balance during the period, including amounts recorded as a contract liability and subsequently recognized as revenue as performance obligations were satisfied within the same period, such as order deposits from customers. The change in the contract asset and contract liability balances primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Performance Obligations
As of June 2021, the Company expects to recognize $63.8 million of fixed consideration related to the future minimum guarantees in effect under its licensing agreements and expects such amounts to be recognized over time based on the contractual terms, with the majority of the revenue recognized by Fiscal
2025. The variable consideration related to licensing arrangements is not disclosed as a remaining performance obligation as it qualifies for the sales-based royalty exemption. VF has also elected the practical expedient to not disclose the transaction price allocated to remaining performance obligations for contracts with an original expected duration of one year or less.
As of June 2021, there were no arrangements with transaction price allocated to remaining performance obligations other than contracts for which the Company has applied the practical expedients and the fixed consideration related to future minimum guarantees discussed above.
For the three months ended June 2021, revenue recognized from performance obligations satisfied, or partially satisfied, in prior periods was not material.
Disaggregation of Revenue
The following tables disaggregate our revenues by channel and geography, which provides a meaningful depiction of how the nature, timing and uncertainty of revenues are affected by economic factors.
Three Months Ended June 2021
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 334,875  $ 546,025  $ 226,871  $ —  $ 1,107,771 
Direct-to-consumer 279,658  751,235  42,812  —  1,073,705 
Royalty 3,221  4,808  5,052  —  13,081 
Total $ 617,754  $ 1,302,068  $ 274,735  $ —  $ 2,194,557 
Geographic revenues
United States $ 283,158  $ 695,835  $ 217,526  $ —  $ 1,196,519 
International:
Europe 218,555  307,216  14,196  —  539,967 
Asia-Pacific 88,060  238,473  26,139  —  352,672 
Americas (non-U.S.) 27,981  60,544  16,874  —  105,399 
Total $ 617,754  $ 1,302,068  $ 274,735  $ —  $ 2,194,557 
Three Months Ended June 2020
(In thousands) Outdoor Active Work Other Total
Channel revenues
Wholesale $ 158,506  $ 241,164  $ 117,604  $ 1,275  $ 518,549 
Direct-to-consumer 180,014  324,201  40,615  44  544,874 
Royalty 2,708  5,951  4,211  —  12,870 
Total $ 341,228  $ 571,316  $ 162,430  $ 1,319  $ 1,076,293 
Geographic revenues
United States $ 152,477  $ 265,507  $ 114,632  $ —  $ 532,616 
International:
Europe 99,024  125,526  13,301  1,319  239,170 
Asia-Pacific 79,267  162,414  24,509  —  266,190 
Americas (non-U.S.) 10,460  17,869  9,988  —  38,317 
Total $ 341,228  $ 571,316  $ 162,430  $ 1,319  $ 1,076,293